Monday, May 2, 2016

Study Ranks Albuquerque One of the Worst Places to Start a Business

BY DENNIS DOMRZALSKI Albuquerque is one of the worst large cities in the U.S. in which to start a business, according to a study Monday by WalletHub. The Duke City came in 142nd out of 150 cities in the study, which looked at 16 different metrics, including access to financing, number of start-ups per 100,000 people, labor costs and the educational level of the workforce. WalletHub called its study, “2016's Best Large Cities to Start a Business.” Albuquerque scored 36.73 out of a possible 100 points in the study. The city was near dead last — 147th — in terms of its business environment, and it ranked 98th when it came to access to resources, such as financing. In the past several years, Mayor Richard Berry has tried to promote the city as an entrepreneurial hub with projects like Innovate ABQ, which is supposed to be a place where young, high-tech workers live, work, play and develop new ideas and products and services. Some of Albuquerque's competitors scored much higher on WalletHub's list. Oklahoma City came in third; Salt Lake City, sixth; Austin, 20th; Denver, 36th; El Paso, 46th; and Las Vegas, 91st. Phoenix placed 120th on the list.    Sioux Falls, S.D., was the best place to start a business, while Ontario, Calif., was the worst.

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